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Mr. Caine.
I think perhaps you should see draft opposite particularly on the point dealt with in paragraph 2(a) which arises from paragraph 5 of the Governor's telegram at (28), namely the suggestion by the Governor that there should be a Government announcement that so far as can be foreseen, there is no reason to suppose that the present exchange rate between the Hong Kong dollar and sterling will be varied.
I entirely agree with Mr. Emanuel that this sort of pledging of public faith is most objectionable, If such a declaration is to mean anything, it ought to mean that Government should compensate the holders of the loan for any depreciation in the dollar. The Governor clearly does not intend it to mean that as he says in the same paragraph that the declaration "would not, of course, amount to any sort of guarantee". That being so, I think it is
/wrong
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